Corporate Culture and the Role of Boards Report of Observations

Total Page:16

File Type:pdf, Size:1020Kb

Corporate Culture and the Role of Boards Report of Observations CORPORATE CULTURE AND THE ROLE OF BOARDS REPORT OF OBSERVATIONS July 2016 #culturecoalition Coalition partners Research partner INDEPENDENT AUDIT The FRC is responsible for promoting high quality corporate governance and reporting to foster investment. We set the UK Corporate Governance and Stewardship Codes as well as UK standards for accounting, auditing and actuarial work. We represent UK interests in international standard-setting. We also monitor and take action to promote the quality of corporate reporting and auditing. We operate independent disciplinary arrangements for accountants and actuaries, and oversee the regulatory activities of the accountancy and actuarial professional bodies. The FRC does not accept any liability to any party for any loss, damage or costs howsoever arising, whether directly or indirectly, whether in contract, tort or otherwise from any action or decision taken (or not taken) as a result of any person relying on or otherwise using this document or arising from any omission from it. © The Financial Reporting Council Limited 2016 The Financial Reporting Council Limited is a company limited by guarantee. Registered in England number 2486368. Registered Office: 8th Floor, 125 London Wall, London EC2Y 5AS CONTENTS Culture report: Corporate Culture and the Role of Boards 1 FOREWORD The way companies create and sustain value is directly linked to the debate about the role of business in society. A healthy culture both protects and generates value. It is therefore important to have a continuous focus on culture, rather A healthy culture both than wait for a crisis. Poor behaviour can protects and generates be exacerbated when companies come value. It is therefore under pressure. A strong culture will endure important to have in times of stress and mitigate the impact. a continuous focus This is essential in dealing effectively with on culture, rather than risk and maintaining resilient performance. wait for a crisis. Strong governance underpins a healthy culture, and boards should demonstrate good practice in the boardroom and Sir Winfried Bischoff promote good governance throughout the Chairman business. The company as a whole must Financial Reporting Council demonstrate openness and accountability, and should engage constructively with shareholders and wider stakeholders There needs to be a concerted effort about culture. to improve trust in the motivations and integrity of business. Rules and sanctions In taking action on culture, I should like clearly have their place, but will not on their all those involved to consider three own deliver productive behaviours over important issues: the long-term. This report looks at the increasing importance which corporate Connect purpose and strategy to culture. culture plays in delivering long-term Establishing a company’s overall purpose business and economic success. is crucial in supporting the values and driving the correct behaviours. The strategy to achieve a company’s purpose should reflect the values and culture of the company and should not be developed in isolation. Boards should oversee both. 2 Financial Reporting Council The strategy to achieve a company’s purpose should reflect the values and culture of the company and should not be developed in isolation. Boards should oversee both. Align values and incentives. Recruitment, I also ask investors and other stakeholders to performance management and reward engage constructively to build respect and should support and encourage behaviours trust, and work with companies to achieve Investors should consistent with the company’s purpose, long-term value. Investors should consider consider carefully values, strategy and business model. carefully how their behaviour can affect how their behaviour Financial and non-financial incentives company behaviour and understand how can affect company should be appropriately balanced and their motivations drive company incentives. behaviour and linked to behavioural objectives. In its research for this project the FRC has understand how their Assess and measure. Boards should give seen abundant evidence that companies motivations drive careful thought to how culture is assessed and boards are taking action to shape their company incentives. and reported on. A wide range of potential culture in order to encourage investment. indicators are available. Companies This will drive efficient capital allocation, can choose and monitor those that are improve productivity and deliver sustainable appropriate to the business and the value. We commend these companies and outcomes they seek. Objectively assessing encourage them to maintain this focus. We culture involves interpreting information encourage those companies yet to take sensitively to gain practical insight. action, to consider the benefits of addressing this important issue. Sir Winfried Bischoff Chairman July 2016 Culture report: Corporate Culture and the Role of Boards 3 INTRODUCTION The FRC’s mission is to promote high quality corporate governance and reporting to foster investment. The UK has a good reputation in this field which has underpinned a substantial amount of business success, but it is by no means perfect. There are valid questions about how The view of the FRC is that the UK effectively existing corporate governance governance model remains an efficient arrangements address the board’s and effective means of meeting the responsibilities to stakeholders other objectives of, and arbitrating between, than shareholders, as envisaged in the the many stakeholders in the market. Companies Act 2006. The framework The combination of legislation, regulation of corporate governance in the UK is based and codes provides a flexible framework on a shareholder primacy and value model for companies and their stakeholders of equity capitalism. There is a continuing to pursue their objectives and achieve debate about what this means. One view long-term success. Success depends, is that it necessarily involves a short-term however, on the spirit with which focus since shareholders are most companies and investors apply the interested in the certainty of more principles and use the flexibility they have. immediate financial returns. This inevitably has consequences in terms of the The FRC embarked on this project to gain decisions and actions which companies a better understanding of how boards are and investors take. Short-termism can drive currently addressing culture, to encourage poor business behaviours and conduct, discussion and debate, and to identify and for example: inappropriate incentives, share good practice to help companies. market-rigging, poor customer service, This report seeks to address how boards low levels of investment and opaque and executive management can steer financial structures and arrangements. corporate behaviour to create a culture that will deliver sustainable good performance. This report looks at the increasing importance which corporate culture plays in delivering long-term business and economic success – an issue very much to the fore this year. In doing so it focuses on the role of the board in shaping, monitoring and overseeing culture. 4 Financial Reporting Council The view of the FRC is that the UK governance model remains an efficient and effective means of meeting the objectives of, and arbitrating between, the many stakeholders in the market. With the help of our partners in the project, The FRC is very grateful to all those who the Chartered Institute of Management responded to our invitation to participate, Meetings Accountants (CIMA), the City Values and would particularly like to thank our Forum, the Chartered Institute of Personnel partners for their contribution and guidance and Development (CIPD), the Institute of throughout the project. We would also like Business Ethics (IBE) and the Chartered to thank Independent Audit Limited for 300 Institute of Internal Auditors (IIA), we their invaluable work in surveying and focused on broad aspects of company interviewing chairmen, chief executives culture – the role of the board in delivering and company secretaries. Interviews sustainable success, engagement with employees, customers, shareholders and The report is designed to stimulate thinking other stakeholders, how to embed the around the role of boards in relation to desired culture, and how to assess culture. culture, and encourage boards to reflect 23 Our partners have published separate on what they are currently doing. Over the reports on each of these aspects, listed next year we will be monitoring reporting FTSE chief executives in Appendix 2. on culture by companies and investors. We welcome feedback on this report, This report was informed by an extensive which will inform our review of the literature review, the submissions from our Guidance on Board Effectiveness in 2017. 58 partners in the coalition, interviews with Please email: [email protected] to FTSE chairmen FTSE chairmen and chief executives, get in touch. surveys of heads of internal audit, chairmen and company secretaries, and many roundtables and discussions with investors, Surveys a range of professionals working in companies, and organisations with expertise and experience in company culture. 44 FTSE chairmen Culture report: Corporate Culture and the Role of Boards 5 EXECUTIVE SUMMARY Culture in a corporate context can be defined as a combination of the values, DEMONSTRATE attitudes and behaviours manifested by a company in its operations and relations LEADERSHIP with its stakeholders.
Recommended publications
  • From Corporate Responsibility to Corporate Accountability
    Hastings Business Law Journal Volume 16 Number 1 Winter 2020 Article 3 Winter 2020 From Corporate Responsibility to Corporate Accountability Min Yan Daoning Zhang Follow this and additional works at: https://repository.uchastings.edu/hastings_business_law_journal Part of the Business Organizations Law Commons Recommended Citation Min Yan and Daoning Zhang, From Corporate Responsibility to Corporate Accountability, 16 Hastings Bus. L.J. 43 (2020). Available at: https://repository.uchastings.edu/hastings_business_law_journal/vol16/iss1/3 This Article is brought to you for free and open access by the Law Journals at UC Hastings Scholarship Repository. It has been accepted for inclusion in Hastings Business Law Journal by an authorized editor of UC Hastings Scholarship Repository. For more information, please contact [email protected]. 2 - YAN _ZHANG - V9 - KC - 10.27.19.DOCX (DO NOT DELETE) 11/15/2019 11:11 AM From Corporate Responsibility to Corporate Accountability Min Yan* and Daoning Zhang** I. INTRODUCTION The concept of corporate responsibility or corporate social responsibility (“CSR”) keeps evolving since it appeared. The emphasis was first placed on business people’s social conscience rather than on the company itself, which was well reflected by Howard Bowen’s landmark book, Social Responsibilities of the Businessman.1 Then CSR was defined as responsibilities to society, which extends beyond economic and legal obligations by corporations.2 Since then, corporate responsibility is thought to begin where the law ends. 3 In other words, the concept of social responsibility largely excludes legal obedience from the concept of social responsibility. An analysis of 37 of the most used definitions of CSR also shows “voluntary” as one of the most common dimensions.4 Put differently, corporate responsibility reflects the belief that corporations have duties beyond generating profits for their shareholders.
    [Show full text]
  • Corporate Governance and Responsibility Foundations of Market Integrity
    CORPORATE GOVERNANCE Spotlight OECD principles Corporate governance and responsibility Foundations of market integrity Bill Witherell, Head, OECD Directorate for Financial, Fiscal and Enterprise Affairs © Getty Images Good governance goes he recent spate of US corporate investment assessments followed by a sharp beyond common sense. It is failures and breakdowns in truthful market correction that spelt the end for a key part of the contract Taccounting has undermined people’s thousands of high-tech wannabes. Still, it is faith in financial reporting, corporate difficult to disentangle the negative effects that underpins economic leadership, and the integrity of markets the these two parallel developments have had on growth in a market economy world over. The fact that the wave of the confidence of investors. scandals has come hot on the heels of a and public faith in that collapse in the high-tech bubble has a sharp With the bursting of the high-tech bubble, system. The OECD ironic flavour. Both events have their roots in share values were written down and venture Principles of Corporate the heady days of stock market exuberance, capitalists took a bruising, as did many when anything was possible, from creating shareholders. That is the downside of Governance and Guidelines multibillion dollar companies with little committing resources to investments with a for Multinational more than an idea, an investment angel and high risk/high reward profile. But in the cases Enterprises are two a lot of faith, to believing that markets would of corporate misbehaviour, the public, buy any yarn a group of fast-talking employees and pensioners were deliberately essential instruments for executives could spin, even if to cover up misled.
    [Show full text]
  • Corporate Behaviour
    CORPORATE BEHAVIOUR Sustainability Focus Report 2016 As a major international company in a controversial sector, we are focused on creating shared value for our business and society, while continuing to work to address the health impacts of our products. A strategic approach to sustainability Our sustainability agenda focuses on the three key areas which have the greatest significance to our business and our stakeholders. Harm Sustainable Corporate Reduction Agriculture and Behaviour We are committed Farmer Livelihoods We are committed to researching, We are committed to operating to the developing and to working to enable highest standards of commercialising less prosperous livelihoods corporate conduct risky alternatives to for all farmers who and transparency. regular cigarettes. supply our tobacco leaf. Performance across all three areas can be found in our annual Sustainability Summary report. In addition, we periodically produce individual focus reports on each area. At the end of 2014, we published two reports covering Harm Reduction and Sustainable Agriculture and Farmer Livelihoods. This 2016 report covers Corporate Behaviour which underpins every area of our business. In this report 02 MARKETING RESPONSIBLY 03 CONTRIBUTING TO COMMUNITIES 04 STRENGTHENING OUR APPROACH TO HUMAN RIGHTS 06 PROMOTING STANDARDS FOR VAPOUR PRODUCTS 08 SAFEGUARDING OUR PEOPLE 09 COLLABORATING TO TACKLE THE ILLEGAL TOBACCO TRADE 10 REDUCING OUR ENVIRONMENTAL IMPACTS 12 UPHOLDING HIGH STANDARDS OF CORPORATE GOVERNANCE www.bat.com/sustainability OPERATING TO THE HIGHEST STANDARDS OF CORPORATE CONDUCT Sustainability is one of the key pillars of This is reflected through the many industry-leading our Group strategy and I see it as crucial practices we have in place, such as our approaches to our long-term success.
    [Show full text]
  • The Role of Moral Disengagement in Supply Chain Management Research
    http://www.diva-portal.org Postprint This is the accepted version of a paper published in European Business Review. This paper has been peer-reviewed but does not include the final publisher proof-corrections or journal pagination. Citation for the original published paper (version of record): Eriksson, D. (2016) The role of moral disengagement in supply chain management research. European Business Review, 28(3): 274-284 https://doi.org/10.1108/EBR-05-2015-0047 Access to the published version may require subscription. N.B. When citing this work, cite the original published paper. Permanent link to this version: http://urn.kb.se/resolve?urn=urn:nbn:se:hj:diva-34076 The Role of Moral Disengagement in Supply Chain Management Research Paper Type: Conceptual Structured abstract Purpose: To elucidate the role of moral disengagement in supply chain management (SCM) research, and challenges if the theory is to be used outside of its limitations. Design/methodology/approach: Conceptual paper based on how Bandura has developed and used moral disengagement. Findings: Moral disengagement can be used in SCM research. The theory is not to be applied to the supply chain itself, but SCM can be seen as the environment that is part of a reciprocal exchange that shapes human behavior. Research limitations/implications: The paper suggests a new theory to better understand business ethics, corporate social responsibility, and sustainability in SCM. Further, the paper outlines how the theory should be used, and some challenges that still remain. Practical implications: Originality/value: SCM researchers are given support on how to transfer a theory from psychology to SCM, which could help to progress several areas of the research field.
    [Show full text]
  • Organizational Stakeholders, Management, and Ethics
    PAR T I The Organization and Its Environment Organizational Stakeholders, CHAPTER Management, and Ethics 2 Learning Objectives Business and service organizations exist to create valued goods and services that people need or desire. Organizations may have either a profit or nonprofit orientation for the creation of these goods or services. But who decides which particular goods and services an organization should provide, and how do you divide the value that an organization creates among different groups of people such as management, employees, customers, shareholders, and other stakeholders? If people primarily behave self-interestedly, what mecha- nisms or procedures govern the way an organization uses its resources, and what is to stop the different groups within the organization from trying to maximize their own share of the value created, possibly at the detriment or expense of others? At a time when the issue of corporate ethics and management dishonesty and greed has come under intense scrutiny, these questions must be addressed before the issue of design- ing an organization to increase its effectiveness can be investigated. After studying this chapter you should be able to: 1. Identify the various stakeholder groups and their 4. Describe the agency problem that exists in all interests or claims on an organization, its activi- authority relationships and the various mecha- ties, and its created value. nisms, such as the board of directors and 2. Understand the choices and problems inherent stock options, that can be used to align man- in apportioning and distributing the value an agerial behaviour with organizational goals or organization creates. to help control illegal and unethical managerial behaviour.
    [Show full text]
  • Guidance for the Directors of Banks
    IFC Corporate Governance Knowledge Publication 11 FOCUS Guidance for the Directors of Banks Richard Westlake, MA (Oxon.) Foreword by Léo Goldschmidt ©Copyright 2013. All rights reserved. International Finance Corporation 2121 Pennsylvania Avenue, NW, Washington, DC 20433 The conclusions and judgments contained in this report should not be attributed to, and do not necessarily represent the views of, IFC or its Board of Directors or the World Bank or its Executive Directors, or the countries they represent. IFC and the World Bank do not guarantee the accuracy of the data in this publication and accept no responsibility for any consequences of their use. The material in this work is protected by copyright. Copying and/or transmitting portions or all of this work may be a violation of applicable law. The International Finance Corporation encourages dissemination of its work and hereby grants permission to users of this work to copy portions for their personal, noncommercial use, without any right to resell, redistribute, or create derivative works there from. Any other copying or use of this work requires the express written permission of the International Finance Corporation. For permission to photocopy or reprint, please send a request with complete information to: The International Finance Corporation c/o the World Bank Permissions Desk Office of the Publisher 1818 H Street, NW Washington, DC 20433 All queries on rights and licenses, including subsidiary rights, should be addressed to: The International Finance Corporation c/o the Office of the Publisher World Bank 1818 H Street, NW Washington, DC 20433 Fax: (202) 522-2422 Guidance for the Directors of Banks Richard Westlake, MA (Oxon.) IFC Global Corporate Governance Forum Focus 11 About The Author Richard Westlake is based in New Zealand, where he established Westlake Governance, an international governance advisory business, in 1999.
    [Show full text]
  • What Is Corporate Accountability?
    WHAT IS CORPORATE ACCOUNTABILITY? BACKGROUND AND OVERVIEW Since the 1990s, the world has witnessed the growing importance and visibility of a range of initiatives led by businesses, social organisations and governments, with the stated aim of pressuring companies to behave in more socially responsible and accountable ways. This is a new development for many parts of the business world. Previously, the state (or government) was assumed to lead standard setting and behavioural norms for businesses in relation to most categories of stakeholders. When community organisations and interest groups wanted to change business behaviour, they focussed on changing the law. From the 1990s the focus changed, reflected in the emergence of new alliances and regimes of influence over business norms, linking together consumers, communities, workers and producers. What is the difference between corporate social responsibility (CSR) and corporate accountability? Corporate responsibility, corporate social responsibility (CSR) and corporate accountability are sometimes confused or seen to be synonymous. However, corporate responsibility and corporate accountability are typically distinguished from one another along several lines. Corporate responsibility in its broadest sense refers to varied practices that reflect the belief that corporations have responsibilities beyond generating profit for their shareholders. Such responsibilities include the negative duty to refrain from harm caused to the environment, individuals or communities, and sometimes also positive duties to protect society and the environment, for example protecting human rights of workers and communities affected by business activities. Such responsibilities are generally considered to extend not only to direct social and environmental impacts of business activity, but also to more indirect effects resulting from relationships with business partners, such as those involved in global production chains.
    [Show full text]
  • On the Ethics of the Government Pension Fund Global
    Sondre Hansen Eriksen Marie Skara On the Ethics of the Government Pension Fund Global An Empirical Analysis on the Effects of Public Recommendations on Ethics Master’s thesis in Economics Supervisor: Ragnar Torvik Trondheim, May 2018 Norwegian University of Science and Technology Faculty of Economics and Management Department of Economics Preface When we started studying economics at NTNU, we would never have guessed that something so multifarious as ethics would be the main point of departure for our dissertation. However, economics is a multifaceted discipline, which allows for studying tangled matters. It is without doubt that many important people have helped us along the way. We especially want to thank our excellent supervisor, Ragnar Torvik, for his valuable input and ideas, throughout the process. Also, we thank all the other professors at the Department of Economics at NTNU, for having their doors open at all times. We also want to thank the Council on Ethics for taking their time to meet with us. We are grateful to the Dragvoll Library and the Economics and Management Library at NTNU for always providing the best service. We also want to thank our proofreaders for taking your precious time to meticulously read through the thesis. Your fruitful comments mean a lot to us. Just as important, we could not been without our own LATEX guy. Finally yet important, we want to thank all our friends who made our student life brilliant. You put colours to the walls at Dragvoll. Thank you to our families, for encouraging and supporting us on every occasion. This thesis is in its entirety our own work, and all reflections and interpretations are ours.
    [Show full text]
  • Managing Working Conditions in the Supply Chain
    Please cite this paper as: OECD (2002), “Managing Working Conditions in the Supply Chain: A Fact-Finding Study of Corporate Practices”, OECD Working Papers on International Investment, 2002/02, OECD Publishing. http://dx.doi.org/10.1787/434666605557 OECD Working Papers on International Investment 2002/02 Managing Working Conditions in the Supply Chain A FACT-FINDING STUDY OF CORPORATE PRACTICES OECD DIRECTORATE FOR FINANCIAL, FISCAL AND ENTERPRISE AFFAIRS WORKING PAPERS ON INTERNATIONAL INVESTMENT Number 2002/2 Managing Working Conditions in the Supply Chain: A fact-finding study of Corporate Practices June 2002 This study was sponsored by the Swedish Ministry of Foreign Affairs, with the co-operation of the Ethical Investment Research Service (EIRIS). The paper was prepared by Mattias Chu (Senior Research Officer) of the Swedish National Board of Trade and Kathryn Gordon (Senior Economist) of the International Investment Division of the OECD, incorporating data and comments from Jeremy Baskin (Head of Research) and Niaz Alam (Social Researcher) at EIRIS. The paper is preliminary and should not be cited without the permission of the authors [[email protected] and [email protected]]. Organisation for Economic Co-operation and Development 2002 TABLE OF CONTENTS I. Introduction and background ............................................................................................................... 3 II. The data and the companies ............................................................................................................
    [Show full text]
  • Codes of Conduct a Barrier Or Breakthrough for Corporate Behaviour?
    www.pwc.co.uk/fraudacademy Codes of conduct A barrier or breakthrough for corporate behaviour? PwC Fraud Academy A snapshot analysis of what businesses are doing with their codes of conduct and how they’re being used to enhance their organisations behaviours and actions. August 2013 Contents Spotlight on codes 2 Headline findings 4 Commentary 6 Purpose 6 Structure 8 Relevance 10 Content 12 What does this mean for business? 15 Contacts 16 PwC | Corporate codes of conduct | 3 Spotlight on codes Does your company have a code of conduct (‘codes’)? If so, how is it being used to enhance organisational behaviours and actions? After the PwC Fraud Academy raised this topic with clients we decided to create a snapshot analysis of what businesses are really doing in this area and the challenges they face in making their codes a reality. The results of our research have given us some interesting findings and highlight the increased challenge of organisational behaviour and business conduct. More companies are establishing codes organisations are not seizing the the emergence of a good practice which as a routine part of their governance. opportunity to use their code as a tool to supports learning and decision making But does this add any real value or is it inspire an ethical corporate culture. by providing practical tools. simply an exercise that ticks another We’ve reviewed a sample of publicly box? To some extent this question available codes, and our results support Our approach highlights mounting concerns about the this concern. Codes are increasingly Our insights come from our thinking mismatch between what companies say converging around the same legally- and practical experience of advising and what they do.
    [Show full text]
  • Reimagining Corporate Social Responsibility in the Era of COVID-19: Embedding Resilience and Promoting Corporate Social Competence
    sustainability Article Reimagining Corporate Social Responsibility in the Era of COVID-19: Embedding Resilience and Promoting Corporate Social Competence Jingchen Zhao 1,2 1 Centre for Business and Insolvency Law, Nottingham Law School, Nottingham Trent University, Nottingham NG1 4FQ, UK; [email protected] 2 School of Law, Guangdong University of Finance & Economics, Guangzhou 510320, China Abstract: The debate over corporate objectives and how companies deal with amplified existing societal inequalities and vulnerabilities has received increasing attention in recent years, especially in the wake of the COVID-19 crisis. The pandemic encouraged companies and policy makers to consider ways to develop a more enabling institutional environment, not only to tackle the ongoing crisis but also to prepare for similar future tests. Against this backdrop, the purpose of this paper is to focus on the significance and effectiveness of ex ante corporate social responsibility (CSR) law approaches in tackling the challenges brought by the pandemic. We investigate the uniqueness of the sustainable development challenges in the era of the pandemic, and introduce “corporate social competence” as a compliance principle in response to the need for forward-looking approaches to risk management and strategic planning. We use two ex ante legislative approaches in company law, namely mandatory CSR policy and legally recognised inclusive business models, as examples to illuminate the contribution of company law to navigate the pandemic beyond philanthropic Citation: Zhao, J. Reimagining CSR actions. Corporate Social Responsibility in the Era of COVID-19: Embedding Keywords: corporate social reasonability; corporate social competence; ex ante legislative approaches; Resilience and Promoting Corporate company law; CSR policy; strategic agility; benefit corporations Social Competence.
    [Show full text]
  • Fortis Consulting London
    Fortis Consulting London Honorary Treasurers Forum ‘Brexit & Charities’ 16 November 2017 Cass Business School Fortis Consulting David Stringer-Lamarre London • Managing Director, Fortis Consulting London • Chairman, Institute of Directors, City of London • Chairman Elect, Institute of Directors, London Region • Bank of England IoD City of London Panel Member • Honorary Senior Visiting Fellow, Cass Business School • Court Member of the Worshipful Company of Glaziers (an ancient Livery Company) Fortis Consulting Content of the Presentation London • Introduction • Some economic data • ‘Brexit means Brexit’ – variations on a theme • Challenges for UK • Challenges for UK PLC • Charities – Income, some thoughts • Charities – Costs, some thoughts • Questions & Comments Fortis Consulting Fortis Consulting London London 4 divisions • Consulting • Partnership Facilitation (Business Matching) • Seminars • Coaching Various partners: • Law, Wealth Management, Music, Cyber Security, Computational Modelling, Debt Recovery Fortis Mark Carney, Governor of Consulting London the Bank of England Fortis ConsultingFortis LondonConsulting Stock Markets London 23/6/16 10/11/17 % FTSE 100 6338 7433 17.28 FTSE 250 17334 20021 15.5 DAX 10257 13127 27.98 CAC 4464 5381 20.54 DOW JONES 18011 23422 30.04 HANG SEN 20868 20868 39.55 NIKKEI 16238 22681 39.68 Fortis ConsultingFortis LondonConsulting Currency London 23/6/16 10/11/17 % GBP/€ 1.298 1.1306 -12.9 GBP/$ 1.465 1.3189 -9.97 GBP/HKD 11.36 10.289 -9.43 GBP/JYD 152.97 149/7428 -2.11 GBP/CNY 9.63 8.7596 -9.04 Fortis
    [Show full text]